News » Finance & Banking » Panama: The Economic Boom That Just Keeps Booming

Panama: The Economic Boom That Just Keeps Booming

Five years ago everyone in Latin America was growing, but now it’s clear who has a decent economic model and who was just riding the wave.

UntitledJaime R. Sosa
CEO, Prival Bank
Published, 2014

 

Does Panama’s thriving economy simply reflect the good fortune of being in the right place at the right time? Or does the hottest economy in Latin America add something unique to the mix? Panama’s boom can certainly be attributed in part to its relationships with its neighbors. Jaime Sosa, CEO of Prival Bank, says that Panamanian banks have many foreign deposits, but that most of those deposits come from other Latin American countries. Close neighbors are Panama’s primary banking, logistics, and transportation clients. Now that the boom in some countries, such as Brazil, is beginning to fade, will this present a threat to Panama?

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